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CME: Mandatory iLink 3 Binary Order Entry Protocol for MSGW and BrokerTec Migration

Q1 2021

CME Group will be launching iLink 3, a new order-entry protocol for trading futures, options and BrokerTec products on CME Globex. All customers connected via Market Segment Gateway (MSGW) are encouraged to migrate to iLink 3 as early as possible prior to the iLink decommission. iLink 2 and iLink 3 for MSGW will run in parallel until February 26, 2021, and at that time will incur additional charges by CME. On March 28, 2021, iLink 2.0 for MSGW will be decommissioned. 

BrokerTec products will migrate to CME in Production on January 31, 2021 and will only be available on iLink 3 MSGW. Customers will need to obtain a dedicated iLink Session ID to be used for only the BrokerTec market segment. CGW will remain on iLink 2 and will not be impacted.

MSGW iLink3 for CME and BrokerTec products is now available in UAT for customer testing. 

CME will be holding Saturday Mock Sessions for BrokerTec. TT will be participating in the test on January 9, 2021. Customers who wish to participate should register with the CME via this link and contact your Onboarding/Customer Success Manager to confirm with TT. 

For the iLink 2 to 3 migration, CME Group does not require customers to obtain new iLink sessions. Customers will have the ability to migrate their existing iLink sessions from iLink 2 to 3 within the CME Request Center. For all existing migrated sessions, standard Session Policy Charges will apply. 

X_TRADER® Platform Impact
X_TRADER will not support iLink 3.0 for MSGW or BrokerTec products that will migrate to CME on January 31, 2021. 

Customers keeping Link 2.0 MSGW connections will need to move their connections to CGW to maintain access to CME. Customers are strongly encouraged to migrate to the TT platform in early Q1/2021.

TT® Platform Impact
We will support both the iLink 3.0 upgrade and the BrokerTec US migration to CME on the TT platform. iLink 3.0 for CME products is currently available in UAT for customer testing. BrokerTec products are now available in UAT.

Additional Resources
Globex Notice October 1, 2020

CME: Changes to Minimum Price Increment and Spread Type for Palladium Futures – Resting Order Elimination

December 6

Effective Sunday, December 6 (trade date Monday, December 7), Palladium Futures will be changed as follows:

  • Tag 969-MinimumPriceIncrement
  • Tag 762-SecuritySubType

X_TRADER and TT Platform Impacts
To facilitate the change, customers should cancel all Good ‘Till Cancel (GTC) and Good ‘Till Date (GTD) orders after the close on Friday, December 4th. After 16:00 CT on Friday, December 4th, all remaining GT orders for these products will be cancelled or deleted by CME Global Command Center.

Additional Resources:
Globex Notice November 16, 2020

CME: Amending MAC SOFR Swap Futures Year Format

December 6

Effective Sunday, December 6 (trade date Monday, December 7), the MAC SOFR Swap Futures year format will be amended from two-digit year to one-digit year.

ProductProduct CodeCurrent SymbolNew Symbol
2-Year MAC SOFR Swap FuturesT1ST1SH21T1SH1
5-Year MAC SOFR Swap FuturesF1SF1SH21F1SH1
7-Year MAC SOFR Swap FuturesS1SS1SH21S1SH1
10-Year MAC SOFR Swap FuturesN1SN1SH21N1SH1
20-Year MAC SOFR Swap FuturesE1SE1SH21E1SH1
30-Year MAC SOFR Swap FuturesB1SB1SH21B1SH1

ASX: New Production Addition – 5 Year Treasury Bond Future (VT)

November 27

ASX intends to list a 5 Year Treasury Bond Futures contract (VT) on the ASX24 market on November 27 (evening session of November 27 for the trading day of November 30) subject to regulatory approval and internal/external readiness. The VT contracts will be available for trading from the start of that evening session on Nov 27 at 17:10 AEST. The first expiry month is expected to be the March 2021 contract. The 5 Year Treasury Bond Futures contract is designed to complement the existing interest rate futures complex and support the evolving structure of the underlying market. The contract will provide an additional liquidity point and hedging tool at the 5 year point on the curve, allowing participants to manage their risk exposure in a more efficient and effective manner. 

X_TRADER and TT Platform Impacts
No customer action required; products will be available automatically.

Additional Resources:
ASX to launch 5 Year Treasury Bond Future
5 Year Treasury Bond Futures technical update

Euronext: Oslo Børs Optiq Migration

December 7

Following Euronext’s acquisition of Oslo Børs in June 2019, Oslo Børs’ trading systems across asset classes will migrate from the Millennium Exchange and SOLA systems to the Euronext Optiq systems. The migration timeline is as follows:

  • April 13: Availability in p-EUA
  • November 14: Dress rehearsals in Production successfully completed on the TT Platform
  • December 7: Production go-live

The Oslo Børs Migration Guidelines and Guide to New Trading System documents are available in the IT Documentation section of the Euronext Connect customer portal.

X_TRADER Platform Impact
Oslo Børs products will not be supported on the X_TRADER platform.

TT Platform Impact
Oslo Børs products are available for customer testing in UAT. 

TT: FIX SSL Certificate Update

December 11

For customers whose FIX engine natively supports SSL encryption, or who have implemented FIX session encryption using STunnel, TT provides a TTFIX.crt file with the public certificates used by the TT platform FIX endpoint. 

On October 5, 2020, TT updated the file located in the Download Center in order to update the soon-to-be-expired certs from the TTFIX.crt bundle. All customers who use STunnel will need to download a new zip file and apply it by December 11, 2020.

  • Added TT platform STAR.TRADE.TT expiry September 20, 2021 (DC)

Additional Resources file
Directions for configuring stunnel with TTFIX.crt 

HKEX: New Production Addition – Hang Seng TECH Index Options

January 18

HKEX is launching Hang Seng TECH Index Options on January 18, 2021. 

X_TRADER Platform Impact
To trade these products, apply an updated pMerge file to all HKEX Gateways:

  1. Copy the HKEX.pmg file to <drive letter>:\tt\config.
  2. Stop GuardServer.
  3. Navigate to <drive letter>:\tt\bin.
  4. Double-click pMerge.exe. The Enter Exchange Name window appears.
  5. Specify the exchange name and flavor and click OK. The Open Guardian product table merge file window appears.
  6. Navigate to <drive letter>:\tt\config and select the HKEX.pmg file. pMerge will update the existing Guardian Product Table with the correct values. After pMerge completes its tasks, the pMerge status bar displays Finished.
  7. Close the pMerge status bar.
  8. Start GuardServer.

The above listed steps need to be repeated for each HKEX Gateway

After pMerge runs, verify that the Guardian Product Table contains the following values:

ContractProduct CodePoint Value
Hang Seng TECH Index Futures and OptionsHTI50

TT Platform Impact
No customer action required; Products will be available automatically.

FIA: Execution Source Code Schema Initiative (Tag 1031)

Timeline varies by exchange

Multiple exchanges, in cooperation with the FIA Execution Source Code Schema Initiative, are moving forward with plans to implement FIX tag 1031 (CustOrderHandlingInst) on their APIs.

Exchange-Specific Plans

  • CME: Tag 1031 is supported and is mandatory.
  • ICE: Tag 1031 is supported, but not required. 
  • Eurex: Tag 1031 is supported, but not required. 
  • CurveGlobal/IDEM: Tag 1031 is supported with the SOLA 14 Upgrade on February 3, but is not required.

X_TRADER Platform Impact
For CME, tag 1031 is now available in production. Customers should enter a valid value in the FFT6 field in Customer Defaults and/or FIX Account Defaults. For FIX Order Routing applications, FFT6 maps to tag 16903. If no value is set, a default value of “Y” will be sent. CME Gateway 7.18.49 was released on October 18. 

For ICE, tag 1031 is now available with ICE Gateway 7.18.29. Customers should use FFT6 to send the value to the exchange. The field is optional for ICE.

TT Platform Impact
For CME, tag 1031 is now available for use in Production. Customers should select a valid value in Setup or set Order Tag Defaults. 

For ICE, tag 1031 is now available for use in Production. Customers should select a valid value in Setup or set Order Tag Defaults to send the value to the exchange. Customers can choose not to select any value as this is an optional field for ICE.

For Eurex, support of tag 1031 on the TT platform is now available. Customers should select a valid value in Setup or set Order Tag Defaults to send the value to the exchange. Customers can choose not to select any value as this is an optional field for Eurex. On the X_TRADER platform, tag 1031 is not currently supported.

For CurveGlobal and IDEM, support for tag 1031 was added on February 3 for both exchanges.

Additional Resources
FIA Indirect Clearing Documentation

No new products were released this week.